We are finally starting to see the end of the COVID-19 crisis. It is time to brint our lives out of lockdown and to takle our debt. Oh Yes! Your debt is also coming out of lockdown so have you thought of the effect the end of COVID will have on your budget?
Each week, we are noticing more and more encouraging signs : The number of vaccinated people is going up, the number of sick people is going down, as are hospitalization rates. The economy is showing signs of opening up and opportunities of spending are multiplying faster we can think. Don’t get caught up in the storm. There are ways to exit lockdown without spending too much.
Here are a few tidbits of advice to manage your budget.
• Visit with family and friends without spending a fortune. A backyard BBQ is less expensive than a restaurant outing, will do wonders on your mental health and will be less stressful as you will not get pushed to the exit immediately after dinner.
• Chose local vacation spots this summer. Keep close to home. You will reduce your transportation time and cost and will be able to discover treasures hidden before your eyes; often the local tourist spots will be very affordable. Keeping local is also a great way to relax.
• Review your online spending. First question the need for every purchase. Then, see if your purchase can be made locally. Sometimes, made close to home can be less expensive or more durable. It will also help local businesses save jobs. You will be playing an important role in restarting the economy.
• Review your online memberships. The end of lockdown means more time out of the house. Start by removing auto-renewing subscriptions that you don’t really use. You’ll have more money in your pocket.
To minimize the effect of the end of lockdown you your budget
The end of COVID lockdowns will cause another rewrite of our habits. Take a few moments to review your full budget : income and expenses. Take time as well to review your debt and the monthly amount you pay towards it.
If it is becoming too much of a burden, a consultation with a Licensed Insolvency trustee with will help you tackle your debt. With your help, your budget will also come out of lockdown.
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